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[laughter] dr. zandi, thank you for being here. dr. hassett is the director and senior fellow at the american enterprise institute. he holds a phd from the university of pennsylvania. his research includes the u.s. economy, tax policy, and the stock market. he is previously a senior economist at the board of governors at the federal reserve system. he went to that graduate school of business at columbia university. he has worked for both the george w. bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with heaven, a good friend of mine. let me say -- kevin, a good friend of mine. let me say that these are my own personal views. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending c
[laughter] dr. zandi, thank you for being here. dr. hassett is the director and senior fellow at the american enterprise institute. he holds a phd from the university of pennsylvania. his research includes the u.s. economy, tax policy, and the stock market. he is previously a senior economist at the board of governors at the federal reserve system. he went to that graduate school of business at columbia university. he has worked for both the george w. bush and clinton administrations. both of...
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Dec 7, 2012
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[laughter] dr. zandi, thank you for being here. dr. hassett is the director and senior fellow at the american enterprise institute. he holds a phd from the university of pennsylvania. his research includes the u.s. economy, tax policy, and the stock market. he is previously a senior economist at the board of governors at the federal reserve system. he went to that graduate school of business at columbia university. he has worked for both the george w. bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with kevin, a good friend of mine. let me say that these are my own personal views. they don't represent the views of the moody's corporation. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. -- an issue fairly soon. third, achieving long-term fiscal sustainability. that is deficit red
[laughter] dr. zandi, thank you for being here. dr. hassett is the director and senior fellow at the american enterprise institute. he holds a phd from the university of pennsylvania. his research includes the u.s. economy, tax policy, and the stock market. he is previously a senior economist at the board of governors at the federal reserve system. he went to that graduate school of business at columbia university. he has worked for both the george w. bush and clinton administrations. both of...
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Dec 9, 2012
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[laughter] dr. zandi, thank you for being here. dr. hassett is the director and senior fellow at the american enterprise institute. he holds a phd from the university of pennsylvania. his research includes the u.s. economy, tax policy, and the stock market. he is previously a senior economist at the board of governors at the federal reserve system. he went to that graduate school of business at columbia university. he has worked for both the george w. bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with kevin, a good friend of mine. let me say that these are my own personal views. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by
[laughter] dr. zandi, thank you for being here. dr. hassett is the director and senior fellow at the american enterprise institute. he holds a phd from the university of pennsylvania. his research includes the u.s. economy, tax policy, and the stock market. he is previously a senior economist at the board of governors at the federal reserve system. he went to that graduate school of business at columbia university. he has worked for both the george w. bush and clinton administrations. both of...
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dr. zandi? >> my view is they should be done together, that this will not work if we try to break this thing apart. we need to scale back the cliff. we need to raise or eliminate the debt ceiling, and we need to achieve fiscal sustainability. this has to be a package, and it needs to be done very soon. >> and dr. hassett? >> i agree. >> thank you. i want to thank both of you for your testimony and really thank the chairman for his outstanding leadership on the committee. >> representative maloney, thank you very much. we appreciate your good work and leadership as well. dr. zandi and hassett, thank you for your testimony. i think we made is a 90-minute meeting or close to that. that is pretty good. i want to make a couple of final comments. first of all i want to thank both of ow witnesses again for their testimony. by the way, without objection, both the full text of your opening statements will be in the record of this hearing. we are grateful because i think it is clear to most americans we d
dr. zandi? >> my view is they should be done together, that this will not work if we try to break this thing apart. we need to scale back the cliff. we need to raise or eliminate the debt ceiling, and we need to achieve fiscal sustainability. this has to be a package, and it needs to be done very soon. >> and dr. hassett? >> i agree. >> thank you. i want to thank both of you for your testimony and really thank the chairman for his outstanding leadership on the committee....
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what i heard you lay out, dr. zandi, was more of an ideal situation. they get you at roughly at $3 trillion. deficit-reduction over the course of 10 years. you went on to add the $1.20 trillion over last year's negotiations on the debt ceiling. the negotiations over last year's debt ceiling -- the new number would really be 1-1. that is not actually my question. i want to get to now. we have looked at the president's offer. we haven't found any spending reductions at all. we found the $1.6 trillion tax increases. the stimulus spending,we saw the extension of the unemployment insurance, which is an increase in spending. the delay in the spending cuts whatsoever. do you think the president's current offer gives us the 2-1 test? >> no. it is short. he needs to come up with roughly $600 billion more in spending cuts over the next 10 years. i think that there are significant reforms in medicare, medicaid, agricultural subsidies, and other programs in the budget. those are difficult things to implement. it takes a lot of guts to propose those things. i would
what i heard you lay out, dr. zandi, was more of an ideal situation. they get you at roughly at $3 trillion. deficit-reduction over the course of 10 years. you went on to add the $1.20 trillion over last year's negotiations on the debt ceiling. the negotiations over last year's debt ceiling -- the new number would really be 1-1. that is not actually my question. i want to get to now. we have looked at the president's offer. we haven't found any spending reductions at all. we found the $1.6...